INTERNAL REVENUE CODE SECTION 280E: CREATING AN …

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So while the business actually lost a total $310,829 for the year, its tax bill was still $189,781. Despite bringing in $876,420, the business ended up more than half a million dollars in the red. Mitch Woolheiser, owner of Northern Lights Cannabis in Edgewater, Colorado, said he’s “hoarding cash” in preparation for his tax payment.

  Business, Section, Owner, 280e, Section 280e